Focus on China Market and Pursue Sustainable Value Growth

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1 Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC Property). Many thanks to IIS committees, I m with great pleasure to take this opportunity to share with you the development and future trend of property & casualty insurance in China, and the development of CPIC Property, which focuses on Chinese domestic market to achieve sustainable value-enhancing growth. China Macro Economy Development Since China started its reform and opening-up policy from 1978, China s economy has entered into a takeoff period. From 1978 to 2011, the compound annual growth rate (CAGR) of GDP is above 9%. Especially after China joined into World Trade Organization (WTO) in 2001, China further involved into the society of world economy and trade, and made tremendous progress. In 2011, the total volume of GDP reached to RMB 47.2 trillion (USD 7.3 trillion), four times more than the figure in 2001 when China was the freshman of WTO. Development of China P&C Insurance Industry Insurance industry in China has a more than 100 years history, but its development had undergone a devious course. After the domestic property & casualty insurance was resumed in mainland China in 1980, the whole industry began its fast development. During the past decade, from 2001 to 2011, the CAGR of the industry reached to 25%. In 2011, the total premium income of the industry reached to RMB billion (USD 74 billion), with the total assets of all the P&C insurance companies to RMB 792 billion (USD billion). The number of market players increased from 19 to 59, including 38 Chinese companies and 21 foreign companies. The number of practitioner of the industry increased from 4000 in 1980 to 3.9 million in

2 Today, insurance service has penetrated into all fields of China economy and society. Insurance is gradually becoming the important means of serving, improving and protecting people s livelihood, the key factor of investment supports, consumption expansions and export supports, the significant power of optimizing financial structures and upgrading efficiency of resource allocations, as well as the main way of promoting social management, public service innovations, and enhancing government efficiency. Regulatory Environment in China China Insurance Regulatory Commission (CIRC) is the supreme regulator of insurance industry. Currently, the main framework of supervision system consists of supervision on solvency margin, corporate governance and market conduct. Insurance companies are classified into three types based on their solvency ratio, which are Under Sufficiency (solvency ratio below 100%), Sufficiency 1 (from 100% to 150%) and Sufficiency 2 (above 150%). Supervision in corporate governance is to help the insurance company to build up reasonable and balanced management strategy among shareholders, board of directors, board of supervisors and each part of company management, and strengthen the organizational guarantee to achieve internal control. Supervision in market conduct is to build up a healthy market competition order. CIRC performs this duty by means of all kinds of on-site and off-site inspections to ensure legal behavior of each company. The supervision system helps insurance companies to further improve company management, strengthen risk prevention and internal control mechanism, transform the development mode, and finally brings insurance companies into a sustainable growth path. Earlier this year, CIRC launched a program to build new second generation supervision system in the next three to five years. This second generation supervision system will apply those criteria accepted widely by the international markets in the fields of capital adequacy, risk management and information disclosure. P&C Insurance Motor Motor insurance business, including property damage and third part liability, is 2

3 the biggest part of China P&C insurance business. In 2011, the total premium income of motor business was RMB billion (USD54.3 billion), about 73% of the whole P&C premium. The fast growing motor business in the past few years was mainly due to two factors. One is the rapid growth of automobile manufacturing and consuming in China. In 2011, there were 18.4 million new automobiles sold and above 100 million total automobiles. Another is the implementation of the compulsory third party automobile liability insurance in July 2006, which not only has positive effects on promoting traffic safety, protecting victims in traffic accidents and maintaining the harmony and stability of the society, but also increases the application ratio of auto insurance. The recent development in this area is, from 1 May 2012, foreign insurers in mainland China could carry on the compulsory third party automobile liability insurance business. This open policy will bring more advanced management techniques as well as new service conception, and further improve the level of operation, management and service in the industry. P&C Insurance Non Motor Non motor business includes all the non life business except for motor, mainly includes 12 kinds of insurances such as corporate property insurance, agriculture insurance, liability insurance, accident insurance and etc. In 2011, the total premium income of non motor business was RMB billion (USD 19.7 billion), about 27% of the whole P&C premium. About 40% of the non motor business relates to liability areas. As the demands for insurance covering corporate risks, households and individuals grow continuously, non motor insurance business has a great potential for development. Profitability of P & C Insurance Industry In the past five years, China P&C insurance industry has experienced periodic changes, from heavy losses to increased profits, and then to industry-wide profits. The industry combined loss ratios from 2007 to 2011 were 111.4%, 106.7%, 104.5%, 97.3% and 95.3% respectively. In 2006 and 2007, when the compulsory third party automobile liability insurance was introduced, property 3

4 insurers started the price war to seize their market shares, which led to the rate reduction, expense increase and premium adequacy decrease. Meanwhile, the good performance of China equity market attracted the companies to pay more attention to the market share than the underwriting profit. In 2008, several nature catastrophes, including snow storm, Sichuan earthquake, together with a sudden turn on the equity market, brought a combined impact on the insurers. The industry suffered the heaviest losses in history. Insurers started to reconsider the relationship between underwriting and investment, market share and profitability. Business focus was gradually shifted back to underwriting. At the same time, CIRC issued series of strict measures to regulate the market. From 2009, P&C industry enjoyed rate increase, expense reduction and premium adequacy increase. The profitability was significantly improved. In 2011, the industry achieved the best result in history. Development Trend of China P&C Insurance Industry With the maturity of China insurance market, the competition in China P & C insurance industry takes profound changes. Firstly, differentiated competition emerges. Specialized insurance companies focusing on agriculture, health, pension, liability or automobile etc have emerged and establish competition advantages in their market segmentations or target fields. Domestic insurers have nationwide networks and source of business, while foreign insurers conduct business in developed areas. Secondly, service provision to the customers becomes more important in competition. The complete network and convenient service becomes the most important factor for the clients to choose an insurance company. Domestic insurers increase the investment in service and improve customer experience and service level by new technology and management innovations. Thirdly, the capability of operational cost control becomes vital in profitability. As P&C insurance industry becomes buyer s market, insurers are devoted to improve operation efficiency. It is a trend to establish operation center to centralize underwriting, claim, call center and policy handling, etc. Fourthly, demands for professionals become stronger. In general, insurers in China are short of professionals of actuary, reinsurance, 4

5 investment, underwriting, claim and finance. With the lasting increase of insurers, the competitions for attracting professionals become more and more intense. Development of China Pacific Insurance Group China Pacific Insurance (CPIC), established in Shanghai in 1991, boasts a composite insurance group focused on China as its home market. CPIC is among world Top 500 Enterprises by Fortune, Forbes and Financial Times in Listed in Shanghai Stock Exchange and Hong Kong Exchange, the group has several subsidiaries engaging in property insurance, life insurance, asset management and pension insurance. In 2011, CPIC realized RMB 155 billion(usd 24 billion) premium income, about 11% market share of China insurance market, with the net profit RMB 8.3 billion(usd 1.3 billion), the total assets RMB billion(usd 88.3 billion) and net assets RMB 76.8 billion(usd 11.9 billion) respectively. Development of CPIC Property CPIC Property, a subsidiary of China Pacific Insurance Group, is one of the three largest P&C insurers in China. In the past ten years, with the support of CPIC Group, CPIC Property captured the rapid economic growth, improved the capability of business development, cost control and risk prevention and achieved sustainable value-enhancing growth. In 2011, China Pacific Property Insurance Company realized RMB 61.7 billion (USD 9.5 billion) premium income, about 12.9% market share of China P&C market, with the net profit RMB 3.8 billion(usd 583 million), the total assets RMB 85.3 billion(usd 13.2 billion) and net assets RMB 23.7 billion (USD 3.7 billion) respectively. All major performance indexes are in the industry leading position. Competitive Advantage of CPIC Property Firstly, clear strategic positioning. The company strategy is focusing on insurance business, unremittingly striving to achieve sustainable value-enhancing growth and customer-oriented. Secondly, excellent company 5

6 brand. CPIC ranked among world top 500 companies and China top 10 valuable brands. CPIC Property is awarded Moody s A1 rating, and the most valuable P&C insurer by China Business News. Thirdly, complete service network. CPIC Property has 40 branches, more than 2100 sub-branches and offices. Fourthly, advanced operational and risk management system. With centralized underwriting, claim, call center system and the optimized authorization system, CPIC property is able to provide complete property insurance solutions to the customers, especially with rich experience in risk management of engineering, power, aviation, space industries and other special lines. Fifthly, professional teams and service. CPIC property has various leading professional teams including underwriting, claim, actuary, reinsurance, risk management and product development in the industry. Recently CPIC property launched 3G mobile technology quick claim service, five-star service shop and customer claim manager system to provide more service to the customer. (Conclusion) Looking to the future, the strong growth of China economy empowers the China insurance industry the potential to develop continuously, with a very bright future. Focusing on China with global view, CPIC property will seize the development opportunity, actively learn worldwide advanced experience, meet the insurance requirement from the economy and society, and move forward to the objective of becoming one of the best property insurance companies in the world. Thank you for your time. 6

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